Shree Minerals (ASX:SHH) shareholders have subscribed for 662,798 shares under its entitlement offer and will place the shortfall with its underwriters to raise $1.6 million.
The issue is fully underwritten by China Alliance International Holdings Group Limited, RB Investments Pte Ltd, Megawild Enterprises Pty Ltd and IACG Pty Ltd.
Funds raised will be allocated to general working capital and meeting ongoing trade creditors including production costs, payments of trade & other payables, corporate administration and operating costs.
The company had offered 20,293,334 shares priced at $0.08 per share under the fully underwritten offer.
